Learning that you are at risk of losing a home in foreclosure can make any homeowner panic and become overwhelmed by stress.
However, if you are in this situation, it is important to stay calm and assess your options. While it is undoubtedly scary to think about uprooting your life (especially while you are also dealing with troubling financial issues), you may be able to defend against foreclosure and keep your home.
Possible ways to defend against foreclosure
Every situation is different, and every homeowner has different circumstances that warrant close inspection before building a specific defense. However, there are some common approaches to foreclosure defense that may apply.
- Challenging the mortgage: In some cases, the terms of a loan or other elements of the mortgage may be unconscionable or invalid.
- Resolving bank errors and procedural violations: Banks can make mistakes when it comes to following the legal steps of foreclosure. They can even err in identifying the correct property or owner. There may also be administrative errors in processing your payments. Clearing up these mistakes can stop foreclosure.
- Filing for bankruptcy: If you are are behind on your mortgage and also dealing with unmanageable debt, then options like bankruptcy may be worth considering. Depending on your financial means and the type of bankruptcy protection you seek, you could put a stop to foreclosure efforts by filing.
You are not alone
Foreclosure proceedings can be intimidating and embarrassing. However, remember that you are not alone if you are in this situation. Homeowners all across southern Florida are dealing with similar circumstances. In fact, reports state that foreclosure filings have increased dramatically since the beginning of the year. Thousands of people are facing the same threat.
It is also important to understand that you do not have to deal with banks and courts alone. You can consult an attorney who can help you identify your options and fight on your behalf to protect your property.